If there’s even the slightest chance you’ll overdraw your account, it might be a good idea to look into signing up for overdraft protection. Many banks offer the overdraft protection transfer service to offset the hefty overdraft fee that customers incur once they charge a purchase larger than their available balance.
Customers can link their savings accounts or credit cards to their checking. If they do overdraw on their balance, money from either accounts can be transferred over to their checking accounts to cover the purchase. The banks will charge a fee for transferring funds over, but the fee is less than a regular overdraft fee.
For banks that offer linking credit cards with checking accounts, there might be a yearly membership fee, but it varies among states and banks, so make sure to inquire with your local bank about fee specifics.
You can find below the overdraft protection transfer fees for the biggest banks in America.
|Bank of America||$10|
|Capital One||$10 ($25 annual fee if account is linked to credit card)|
These fees are for the state of New York, and most banks have consistent fees across the country, but always make sure by checking with your bank. Fees are usually found under the Checking Account sections on a bank’s site.